Role of official liquidators in relation to NBFC
#1
Official Liquidator is appointed by the court after giving the company reasonable opportunity of being heard in a winding up petition. The liquidator performs duties of winding up and such duties in reference thereto as the court may impose.

Where the court has appointed an official liquidator or provisional liquidator, he becomes custodian of the property of the company and runs the day-to-day affairs of the company.

He has to draw up a statement of affairs of the company in prescribed form containing particulars of assets of the company, its debts and liabilities, names/residences/occupations of its creditors, the debts due to the company and such other information as may be prescribed. The scheme is drawn up by the liquidator and same is put up to the court for approval.

The liquidator realises the assets of the company and arranges to repay the creditors according to the scheme approved by the court. The liquidator generally inserts advertisement in the newspaper inviting claims from depositors/investors in compliance with court orders. Therefore, the investors/depositors should file the claims within due time as per such notices of the liquidator.

The Reserve Bank also provides assistance to the depositors in furnishing addresses of the official liquidator.
Reply



Possibly Related Threads…
Thread Author Replies Views Last Post
  restrictions for NBFC, if its rating is downgraded neetubm 1 5,928 11-15-2018, 11:27 PM
Last Post: admin
  Difference between RNBC and NBFC neetubm 1 26,791 11-18-2011, 08:12 AM
Last Post: margaret
  Role ofd RBI in issuing Indian currency bmneetu 0 6,473 01-30-2010, 10:44 AM
Last Post: bmneetu
  Role of Company Law Board in protecting the interest of depositors of NBFCs neetubm 0 6,946 01-26-2010, 12:29 PM
Last Post: neetubm
  failure in making repayments by NBFC neetubm 0 5,013 01-26-2010, 12:27 PM
Last Post: neetubm
  NBFC – cannot accept public deposit, if not rated. neetubm 0 6,926 01-26-2010, 12:21 PM
Last Post: neetubm
  Rating of NBFC neetubm 0 6,156 01-26-2010, 12:18 PM
Last Post: neetubm
  Where can one find the details of NBFC? neetubm 0 4,941 01-26-2010, 11:41 AM
Last Post: neetubm
  Requirements for registration of NBFC with RBI neetubm 0 7,531 01-26-2010, 11:38 AM
Last Post: neetubm
  RBI registration of NBFC neetubm 0 6,237 01-26-2010, 11:24 AM
Last Post: neetubm



Users browsing this thread:
1 Guest(s)

Powered By MyBB, © 2002-2024 Melroy van den Berg.